29. September 2010 10:31
The Federal Court has issued a new practice note, CORP 3 - Schemes of Arrangement.
The practice note, which is concise, states that when making an order under s 411(1) of the Corporations Act the court requires that the explanatory statement prominently displays a notice. The notice is to the effect that an order for convening a meeting does not indicate that the court has formed any view as to the merits of the scheme, and approval of the explanatory statement does not indicate that the court has prepared or is responsible for that statement's content.
For detailed practical guidance regarding schemes of arrangement in a takeovers context, subscribers are referred to Chapter 16 of Takeovers and Reconstructions.